Where there’s risk, there’s opportunity
Sword GRC Blog
Where there’s risk, there’s opportunity
AND RISK MANAGEMENT SOFTWARE CAN HELP YOU TO EXPLOIT IT!
For many, the concept of risk is far removed from any positive connotation. It’s often associated with fear and negativity, the threat of financial loss, disruption and lack of confidence. But what if risk wasn’t just associated with the idea of something negative happening? Consider that uncertainty can be laced with opportunity – potential for positive outcomes.
Perhaps in order to achieve a positive mindset, your organization needs to rethink its approach to risk and risk management? According to the GRC Pundit and risk expert, Michael Rasmussen: “Good risk management is to clearly understand the objectives of the organization, its performance goals and strategy, and continuously monitor the environment for 360° situational awareness to be agile. To see both opportunities as well as threats so the organization can think quickly and be prepared to move to seize opportunities while avoiding threats/exposures to the organization and its objectives.” *
Risk management software can help – enabling organizations to be proactive, identifying risks early, collecting valuable data, gaining insights from which sound business decisions can be reached in order to achieve successful project or program outcomes.
It’s widely accepted that technology platforms can play a key role; helping risk professionals to leverage data to raise the profile of risk and embed its place in strategic decision-making processes.
ADDING VALUE, UNCOVERING OPPORTUNITY
The right risk management solution provides a framework from which risk can be aligned with strategy and through calculated risk taking, opportunities unlocked.
With one single platform holding all project and/or enterprise risk data, interconnections between risks come to light, as do potential stumbling blocks, enabling mitigation strategies to be prioritized. Business leaders and risk professionals can make swift and confident decisions that seek to minimize losses whilst capitalizing on potential rewards.
THE POWER OF AUTOMATION
It goes without saying that manual processes are time consuming within any function, not least risk. Working from spreadsheets and static data sources not only soaks up time and resource, but introduces margin for human error. By automating core processes, time lost on collecting data and reporting can be better spent on interpreting accurate and reliable data, identifying trends, sharing insights and using robust information to take calculated risks where the rewards can be high.
SHARE AND SEE THE BIGGER PICTURE
Risk events are not isolated – with causes there are consequences; multidimensional implications across the business, possibly impacting within finance, HR, legal, reputation and an organization’s ability to thrive. The collaboration, transparency and view of interconnectivity – for risks and opportunities – that comes from risk management software will enable consistent, enterprise or project-wide processes and controls. Shared insights into risk that can enhance resilience, agility and decision-making around opportunity.
DON’T RUN THE RISK OF MISSING POTENTIAL
Fail to identify opportunity, and you may miss a trick. Risk management software helps risk professionals to leverage risk to drive business performance and growth, using data and insights to influence commercial decisions and business strategy.
A switch in mindset from reactive to proactive, even offensive, can make a difference. Taking a technology-driven approach to risk management brings better business outcomes and can benefit the organization, its customers, stakeholders and staff.
DISCOVER SWORD GRC’S WORLD-CLASS RISK MANAGEMENT SOFTWARE
Why not see how Sword’s cutting-edge risk management software can help your organization to capitalize on opportunities?
Learn more about Active Risk Manager